BANKING SERVICES : ELECTRONIC PAYMENTS: ECB PUBLISHES RECOMMENDATIONS.
On 10 February, the European Central Bank (ECB) published its opinion on reforming the rules for payment services, in which it proposes to enhance the security of certain new online payment services(1).
This reform - which updates Directive 2007/64/EC on payment services - is currently being discussed by the Council and European Parliament. In particular, the reform plans to include new online payment services, such as payment initiation services, into the scope of application. These services are handled by "third-party providers," who - unlike banks - do not keep payment accounts but are there to be the middleman between the retail trader, the bank and the buyer.
In its opinion, the ECB insists that the client authentication system by "third-party providers" should be solid. The ECB also suggests developing a "common European standard" to access clients' payment accounts. Broadly speaking, "third-party providers" will have two options: to either safely redirect clients to their payment service providers (banks) or to offer their own security system. These common standards should be further documented by the European Banking Authority (EBA).
The ECB has proposed integrating a new article to guarantee that consumers (and not consumers from other payment service user groups) have the right to ask their payment service providers to give them a list of positive and negative "third-party providers". The ECB also suggests improving the definitions of certain terms in the legislative document, notably the one for 'payment initiation service'.
(1) The document is available ata
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